Coinmama Review

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Contributor, Benzinga
Updated: May 25, 2021
Coinmama
Best For
  • High Spending Limits
securely through Coinmama's website
1 Minute Review

Coinmama prioritizes convenience, security, and efficiency in its cryptocurrency exchange. Customers buy and sell directly with the company, so orders fill instantly and without any hassle. 

While you’ll need to get a crypto wallet from another company, the ability to buy and sell seamlessly and securely through Coinmama’s platform makes crypto trading easy and safe.

Best For
  • Crypto traders who want instant transactions and immediate access to their crypto
  • Buyers who want to buy coins with a credit or debit card
Pros
  • Fills orders and sends your coins in minutes
  • Wide variety of payment options accepted
  • Generous loyalty program that provides serious discounts to qualifying customers
  • Fast and friendly customer service
Cons
  • 3rd-party crypto wallet required to actually receive your coins.

Coinmama Ratings at a Glance

Services
Pricing
Customer Service
Mobile App
Overall Rating

Coinmama seeks to make buying and selling coins as easy and accessible as possible. It provides a secure platform to buy and sell crypto and rewards frequent traders with generous discounts on commissions and other fees. 

Learn more about what the platform offers and how the service holds up to its competitors in our Coinmama review.

Coinmama Services

The cryptocurrency exchange seeks to set itself apart by offering the easiest, fastest and most secure buying and selling options of any crypto exchange. It offers the following services and functionalities:

  • Buy and sell 10 cryptocurrencies. The current options include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Qtum, Cardano, Ripple, EOS and Tezos. More are added all the time.
  • Instant transactions. After your order is placed, you should see your coins in your wallet within 10 minutes. You’ll be able to track the status of your order through your Coinmama account.
  • Loyalty programs. Coinmama enrolls all its customers in its 3-tiered loyalty program. You start at level 1, which has no added benefits. At level 2, you get a 12.5% discount on the final price of your purchase. You also get access to fast-tracked customer support. At level 3, you get a 25% discount of the final price and first priority with customer support. 

What Coinmama does not provide is a crypto wallet. You will need to get a crypto wallet from a third-party provider in order to receive the coins you purchase from Coinmama. It provides a really thorough and easy-to-follow guide in their help center to show you where to find a no-fee, secure crypto wallet to store the coins you buy from Coinmama.

Coinmama Pricing

While there are no monthly membership fees or other regular surcharges, Coinmama does have a kind of complicated fee structure that applies to each transaction. It’s generally in line with—and sometimes cheaper than—what other crypto exchanges charge but a little more transparency about fees would make this area of Coinmama’s service a lot better. 

Here are the fees you might encounter when buying and selling:

  • 3.90% commission on all buy transactions
  • 0.90% commission on all sell transactions
  • 5% transaction fee for credit or debit card transactions

While the ability to use credit or debit cards to buy crypto is convenient, it’s not cheap. You can get around this fee by using direct bank transfers which Coinmama doesn’t charge any additional fees for. 

Another way to get around the fees is through the loyalty program discussed above. There’s no need to enroll in the program. You are automatically enrolled and automatically level up as your trading activity qualifies you for higher levels.

Customer Service

Coinmama takes pride in offering one of the most responsive and accessible customer support teams. This is notable because customer service can be a weak point in a lot of fintech services, especially trading platforms and crypto exchanges like Coinmama.

However, this company defies the trend by providing multiple channels for customers to reach out through. Those channels include:

  • Email
  • Phone
  • Support chat bot
  • Social media

Whichever channel you use, you can expect an answer within 24 hours. For those who qualify for level 2 or level 3 in the loyalty program, that response time can be even faster.

If you need general help with buying, selling or learning about crypto, you can also check out the Help Center. It’s a comprehensive database of explainers and resources to help you learn more about how Coinmama’s exchange works as well as how cryptocurrency works more broadly. It’s a great resource for anyone who’s new to the world of crypto.

Coinmama Mobile App

Currently, the platform is only available on the web. The site is fully mobile-friendly and easy-to-use, so buying and selling will be just as easy on a phone or tablet. 

Your coins are kept in an external wallet, not in your Coinmama account, so the need for mobile monitoring features isn’t that high here. Still, crypto traders looking for the convenience of a dedicated mobile app might prefer another crypto app

Coinmama Overall Rating

While the lack of a mobile app and an in-platform crypto wallet might make Coinmama feel a little incomplete, the overall service is still solid for its convenience and security. You get access to all the major cryptocurrencies, a wide variety of payment options, and the comfort of knowing your order will fill instantly. 

For traders who prioritize keeping their payment data secure and minimizing their exposure to hackers or scams, Coinmama is one of the best cryptocurrency exchanges you could choose.

Benefits of Coinmama 

Some of the features that set Coinmama apart from platforms like it include:

  • Instant transactions. When you buy or sell cryptocurrency on the platform, your orders are filled by Coinmama’s own supply. This means the coins will land in your wallet within about 10 minutes. 
  • Safety. Security is one of the standout features of Coinmama’s service. The direct buying and selling from Coinmama that allows the platform to offer instant transactions also makes your transactions more secure. 
  • Higher spending limits. Coinmama allows you to buy up to $30,000 worth of crypto at a time.
  • Flexibility. The exchange allows you to pay via credit card, debit card, bank account transfer and Apple Pay.
  • More accessible. With customers in over 188 countries, this exchange has global reach and it’s one of the few supports so many countries.
  • Responsive customer support. This might be the most unique offer from the exchange. Coinmama has made it a priority to provide top-tier support to every single one of its 2,700,000 customers.

Frequently Asked Questions

Q
Is Coinmama safe?
A

Yes. Coinmama is a reputable platform for buying and selling cryptocurrency that’s been in operation since 2013. To ensure the security of its customers, Coinmama does not store your credit or debit card details in its system. It also never holds onto your funds. 

When you buy, your coins are transferred to your wallet within the hour. When you sell, the USD or EUR cash is deposited directly into your bank account. 

All your trading is also done with Coinmama instead of with buyers and sellers on the platform. When you buy crypto, you buy it from Coinmama. When you sell crypto, you sell it back to the company. 

These and other security features close the number of vulnerable points in the transaction so that your trade is secure and your assets, whether coins or cash, are never exposed to the threat of hackers.

Q
How long does it take Coinmama to verify?
A

If there are no issues with the documents you submitted for verification, this process should only take about an hour. However, delays can happen if there’s a problem with the document you uploaded for the verification. 

Some of the most common problems that slow down the verification process include:

  • Image quality is too poor.
  • The full document is not visible. (The image should show all 4 corners.)
  • The image file size is too big. (It should be under 8MB.)
  • The document is not one of the accepted options, is expired, is otherwise not valid.

 

To avoid those delays, make sure you have a valid, unexpired form of identification and that you take a clear picture of the full document.

 

For more intensive trading (buying more than $15,000 worth of crypto per month), you will need to supply additional verification documents. There are 2 additional tiers of trading activity, based on how much crypto you buy per day or per month. You don’t have to go through the verification process for those additional tiers until you decide you want to trade more than what the first level allows. 

While some customers have complained about this verification process, it is an important part of Coinmama’s broader commitment to security. It’s also standard practice for any exchange that complies with Anti-Money Laundering laws

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